House Passes Bill Targeting Chinese Currency

Law360, New York (September 29, 2010, 7:12 PM EDT) -- The U.S. House of Representatives has approved a bill that would penalize countries that undervalue their currencies, the latest move in an ongoing dispute over currency exchange rates between China and the United States.

House lawmakers passed the bill, H.R. 2378, in a 348-79 vote Wednesday evening, paving the way for the U.S. Department of Commerce to combat what many government officials and economists have called China’s deliberate undervaluing of the yuan.

The legislation, which amends Title VII of the Tariff Act of 1930, will allow...
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